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Update on Cosalt Wind Energy
Cosalt plc ("Cosalt") announces that accounts for Cosalt Wind Energy Limited ("CWE"), in which Cosalt has an 80 per cent interest, for the 23 weeks ended 31 October 2010 and the 61 weeks ended 31 December 2011 have been signed today.
During the period ended 31 December 2011 CWE's principal activity was the installation and service of wind turbines. For the period ended 31 October 2010, CWE reported sales of £483,082 and losses of £119,973, and for the period ended 31 December 2011 reported sales of £932,002 and losses of £503,221. As at 31 December 2011 CWE had net current liabilities of £623,094.
Since 31 December 2011, sales have reduced and CWE has continued to incur losses. As a result CWE is dependent on the financial support of its shareholders including Cosalt plc. As at 31 December 2011, CWE owed £632,882 to Cosalt plc and this has risen to approximately £812,000 at 31 December 2012. As outlined in the statement made by Cosalt earlier today, the financial position of the Cosalt Group, which includes CWE, remains uncertain and as a result the directors of CWE have decided that CWE should cease trading and have prepared the accounts for CWE on a non-going concern basis.
Trevor Sands, Chief Executive Officer
Tel: +44 (0) 1472 725560
Cardew Group Tel: +44 (0) 207 930 0777
Tim Robertson / Tom Horsman
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